Do you have a pension?

KomradeBishop

draiochtanois wrote: »

This post has been deleted.

Eh, the only way your analogy works, is if Sky TV directly manufactured V2 rockets during WWII - somehow, I don't think they were doing that...

We're talking about a company that exists today and that existed in one form or another prior to WWII, that engaged in human experimentation on Auschwitz prisoners, and used slave labour from German concentration camps.

KomradeBishop

NewCorkLad wrote: »

Right:rolleyes:

Point out a single post, where instead of making an argument, I've tried to use that knowledge as a 'trump card'.

Waiting on you to call out the other posters, who actually have tried to use the 'intellectual authority' trump card...but you won't will you? As they agree with your point of view.

Kaiser Sosay

I've no pension and my mortgage will be long paid off by the time I retire and since I don't suffer from notions of grandeur. I think I'll survive quite nicely on the OAP.

Playboy

KomradeBishop wrote: »

I understand fraud and ripping people off, and the flaws with the financial/economic industries models, better than anyone on the thread - likely better than anyone on the whole forum, as I've spent years reading up on this stuff, and know plenty of reliable sources for researching this.

So you can forget trying to pull the "I work in the industry, therefore I have an 'intellectual/professional authority' trump card" nonsense.


Do most people with a pension actually do that, or do they remain ignorant of that? Largely the latter.


Everyone has a choice, but very few people have the knowledge - which is my point.

I actually disagree that people should rely on being better informed about finances, because it's something people should not be getting into, unless they are an expert - as otherwise they carry a significant risk of being screwed over.

Last sentence there is a straw-man.

I'm very confused I know lots of individuals who have recently retired and who have had private pensions as well as contributory pensions. They seem quite happy and are enjoying their life. When are they going to get screwed over and ripped off? I need to warn them.

KomradeBishop

Playboy wrote: »

I'm very confused I know lots of individuals who have recently retired and who have had private pensions as well as contributory pensions. They seem quite happy and are enjoying their life. When are they going to get screwed over and ripped off? I need to warn them.

Anyone who presents me, as arguing that all pensions are a scam, is deliberately creating a straw-man/misrepresentation of my views, to make them easier to attack.

NewCorkLad

KomradeBishop wrote: »

Anyone who presents me, as arguing that all pensions are a scam, is deliberately creating a straw-man/misrepresentation of my views, to make them easier to attack.

KomradeBishop wrote: »

Point out a single post, where instead of making an argument, I've tried to use that knowledge as a 'trump card'.

KomradeBishop wrote: »

Don't believe the fantastical promises of huge returns. A lot of people get completely screwed over by pension funds, and the financial industry overall (the industry is based around dozens of different kinds of legalized fraud, aimed at screwing people over - making shítty investments to create high 'on-paper'/illusory profits that justify huge salaries/fees, high among them - so just stay away unless you know precisely what you're doing).

That seems like a fairly blanket statement condemning pension providers and the financial industry overall.

KomradeBishop

NewCorkLad wrote: »

That seems like a fairly blanket statement condemning pension providers and the financial industry overall.

"A lot of people get completely screwed over by pension funds, and the financial industry overall"

Do you understand the difference between "A lot", "Most of", and "All"? It's very easy to demonstrate 'a lot' of people being screwed over, without that meaning most or all.

still hasn't answered simple question from pages back about how they plan to fund their future

grandiose paranoid tabloid-level nonsense response to any other poster.

ladies and gentlemen, komradebishop

KomradeBishop

Deleted User wrote: »

still hasn't answered simple question from pages back about how they plan to fund their future

grandiose paranoid tabloid-level nonsense response to any other poster.

ladies and gentlemen, komradebishop

Yes I only answered the question on the exact same page it was asked...but don't let a false or misleading claim, get in the way of your or other posters desire, to try and get in a bit of point scoring.

PeteK*

draiochtanois wrote: »

This post has been deleted.

Thanks for explaining all of that
At the end, when you retire, what do you actually get if those were the figures?

Do you get a lump sum or a weekly addition to your normal pension, or both?

QuinDixie

the way pensions work and are taxed will change over the coming years.
if you receive the state pension only, low tax.
if you receive state and private , private provider will deduct high tax.

But, Pension providers will eventually will have same problem that healthcare providers have, more going out than going in and private pension payments will decrease heavily in the coming years.

YFlyer

No pension no health insurance. I'll make a living till the day I die.

sebcity

I have upped my AVC's to the max because of this thread!

ytpe2r5bxkn0c1

QuinDixie wrote: »

But, Pension providers will eventually will have same problem that healthcare providers have, more going out than going in and private pension payments will decrease heavily in the coming years.

Big difference. Your pension is paid from your contributions plus employers contribution for you, plus investment. It is not paid by money currently being paid in by others. This just shows how little people understand pensions.

kazamo

PeteK* wrote: »

Thanks for explaining all of that
At the end, when you retire, what do you actually get if those were the figures?

Do you get a lump sum or a weekly addition to your normal pension, or both?

You could use the calculator on the Pension Authority website to get an indication.
http://www.pensionsauthority.ie/en/Calculators/Pensions_Calculator/

I used the earlier info and got to a 6,900 annual contribution and retiring at 68.

With that, it gives a 25k pension per anum which is half salary.
Only catch is the 25k includes the old age pension of 12k which if doomsayers here are correct in saying the contributory old age pension is for a major chop, maybe down to 13k plus an unknown amount.

FURET

kazamo wrote: »

You could use the calculator on the Pension Authority website to get an indication.
http://www.pensionsauthority.ie/en/Calculators/Pensions_Calculator/

I used the earlier info and got to a 6,900 annual contribution and retiring at 68.

With that, it gives a 25k pension per anum which is half salary.
Only catch is the 25k includes the old age pension of 12k which if doomsayers here are correct in saying the contributory old age pension is for a major chop, maybe down to 13k plus an unknown amount.

How many years do you have to go until age 68? People who are 38 need to understand that by the time they're 68, 25k will be worth less than 12k in today's money.

Phoebas

KomradeBishop wrote: »

Portfolio theory is marketing, it bears no resemblance to the real world, where unexpected events happen to wipe out large amounts of value from individual investments - without that being restored in the next market 'upswing'.

Really, start googling 'portfolio theory criticism' and the like - it is total nonsense.

And if you google 'moon landing faked' you'll get lots of evidence that the moon landings were faked.

Matt Holck

if you understand exponential loaning finance|

you understand we live in a pretend debt that can never be repaid

kazamo

FURET wrote: »

How many years do you have to go until age 68? People who are 38 need to understand that by the time they're 68, 25k will only be worth less than 12k in today's money.

As per the details provided in the original example by an earlier poster, I used aged 30.

Re 38 year old not understanding inflation....no comment.

ytpe2r5bxkn0c1

kazamo wrote: »

Re 38 year old not understanding inflation....no comment.

It was the expression "need to understand" not "don't understand". Big difference.

QuinDixie

Ronnie Worried Workaholic wrote: »

Big difference. Your pension is paid from your contributions plus employers contribution for you, plus investment. It is not paid by money currently being paid in by others. This just shows how little people understand pensions.

I understand pensions. Witness the billions lost just recently in the markets, that includes private and public pension pots.
Pensions are a pyramid scheme, the thing is to retire in the next few years because as numbers paying in = numbers paying out both private and public pensions will be cut / taxed heavily as occurs in the UK.
We will fall into line as our pop. ages.

Matt Holck

i pay for rent and food in that order



entertainment (important mentaly)




and a little tax

all the way down here

kazamo

Ronnie Worried Workaholic wrote: »

It was the expression "need to understand" not "don't understand". Big difference.

wow, you must be bored

ytpe2r5bxkn0c1

QuinDixie wrote: »

I understand pensions. Witness the billions lost just recently in the markets, that includes private and public pension pots.
Pensions are a pyramid scheme, the thing is to retire in the next few years because as numbers paying in = numbers paying out both private and public pensions will be cut / taxed heavily as occurs in the UK.
We will fall into line as our pop. ages.

No. The fund funds your pension and is Not dependent on new members to finance your retirement. The situation with the state pension is different of course but we are talking private pensions here. It is not a pyramid scheme in any sense of the term. My own scheme has many more drawing pension than those still contributing and it is performing very well.

You do not understand pensions.

Matt Holck

kazamo wrote: »

wow, you must be bored

resigned to serfdom

ytpe2r5bxkn0c1

kazamo wrote: »

wow, you must be bored

Not at all. But why pick someone up on an expression by twisting what was said? You obviously just like to stir things. :)

kazamo

Ronnie Worried Workaholic wrote: »

Not at all. But why pick someone up on an expression by twisting what was said? You obviously just like to stir things. :)

People in glasshouses shouldn't throw stones

QuinDixie

Ronnie Worried Workaholic wrote: »

No. The fund funds your pension and is Not dependent on new members to finance your retirement. The situation with the state pension is different of course but we are talking private pensions here. It is not a pyramid scheme in any sense of the term. My own scheme has many more drawing pension than those still contributing and it is performing very well.

You do not understand pensions.

what is this magical private pension you have.
How can it be paying anything exciting if there is more being paid out than in. It is not possible due to 2007 and 2008 when the markets took a beating.
Are you in a public sector pension, this is different to a private pension.

As I stated previously, in the coming years Pension funds both private and public payments will be affected by inflation, poor investment yields and an ageing pop.

There will still be pensions but the payments will very low due to cuts and taxes compared to what the grey brigade are getting now.:)

draiochtanois

This post has been deleted.

BabysCoffee

conorh91 wrote: »

Obviously you know your own affairs better than anyone here, but would you not wait until you're earning more money before contributing to a pension?

I don't intend to start paying into a pension until I'm earning about €35k, because until that stage, I won't be able to afford an adequately substantial contribution. At present, since my salary is so modest, even any modest sacrifice would hurt my finances a lot.

If you're optimistic of your earning power increasing in the future, I think it's sometimes advisable to wait until that starts to happen before contributing to your pension.

Such bad advice.

The earlier you start the better https://www.youtube.com/watch?v=ZpTjKnfy7-s

it is best to start a pension plan as soon as possible. It relates to time, the sooner you start, the more time you have to save and the burden is lessened to ensure adequate income at retirement. The sooner you start also maximises your tax relief entitlements. Save and pay less tax!